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EGB/Gilts - Pare post US CPI losses

BOND SUMMARY

The main event of the afternoon session, was the US CPI, and the data did not disappoint, after inflation saw a decent upside beat.

  • There's still plenty of conversation regarding the inflation and if it is transitory.
  • Investors are still waiting on more sets of data going forward to confirm any type of clearer outlook, momentum.
  • Covid spikes concerns is also weighing on sentiment as countries fully re-open during further delta variants spikes.
  • As such EGBs and Bund are trading back above pre US CFPI levels and curves have once flattenend.
  • German 2/10s is trading below yesterday low at 35.80.
  • Peripheral spreads are all trading tighter against the German 10yr, with Greece and Italy in the lead by 1.7bp.
  • Gilts have followed suits with EGBs, with curve flatter, but nonetheless within past ranges.
  • Looking ahead, Fed Hosts Event on Racism and the Economy.
  • But attention quickly turns to Fed Powell semi annual testimony tomorrow
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